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E60 / E61 (2004 - 2010) BMW 5-Series E60 Sedan was first seen in the Unites States in the fall of 2003 with a 2004 Model Year designation. The E61 wagon followed shortly there after. The E60/E61 5 series is now available as a 528i, 528xi, 535i, 535xi, 550i and a 535xi sports wagon! -- View the E60 Wiki

so your saying i should sell this Now before many more problems start to come?

It is a simple fix if you can pin point the leak around the vanos.
I have thought about getting rid of mine too, but the repairs are much less than the resell depreciation value. As much as it stresses me with all the problem, it still puts a smile on me everytime I drive it.

Back on subject: parts can be found here RMEuropean.com or bimmerspecialist. Its just a couple o-ring on each vanos and a 10mm bolt on each. While you're at it, clean the vanos. Your car will thank you and in return it will provide a pleasant drive.

If it is indeed the vanos or the cylinder head cover gasket, there no reason that you have to bring it to Bmw dealer. Any indy can do this simply for way less. But if you plan on diy may this can help you out http://tis.spaghetticoder.org/s/view.pl?1/07/45/43. Doesn't have 550 but the 545 is pretty similar. GL